olivLaw · European equity research
FORSEE POWER SAS ALFOR.PA
France · Euronext Paris · ISIN FR0014005SB3 · Vertical: Listed companies from France
FORSEE POWER designs and manufactures battery systems for heavy and light electric vehicles and for stationary storage. The company ended 2024 with lower revenue while expanding in North America, which makes its progress relevant to the European electric mobility market. Consolidated revenue for 2024 was 151.766 million EUR.
At the close of 05 Nov 2026, FORSEE POWER SAS (ALFOR.PA) stock was 0.13 EUR (+1.46% on the day), with market capitalisation 8.9 m EUR, beta 0.41, 52-week range 0.12–0.35 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 27.3
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.12 – 0.17
- in the lower half of the band · %B 0.05 · band width 34.5%
- SMA 50 / 200
- 0.18 / 0.24
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.01
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −30.4% | −0.6% | −29.7 pp | — |
| 3 months | −47.4% | −4.2% | −43.2 pp | — |
| 6 months | −57.6% | +4.3% | −61.9 pp | — |
| Year to date | −55.3% | +7.5% | −62.8 pp | — |
| 1 year | −51.9% | +9.9% | −61.9 pp | −6.8% |
| 3 years | −95.3% | +49.8% | −145.1 pp | −4.2% |
| 5 years | −98.2% | +42.8% | −141.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 111.0 m | 171.2 m | 151.8 m |
| Revenue YoY | unavailable | +54.2% | −11.4% |
| Net income | -32.6 m | -28.0 m | -12.1 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.61 | 0.00 | 0.00 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -29.3% | -16.3% | -8.0% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 5.4 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 47.6 m EUR
- Total assets
- 169.4 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.61x
- ROE
- -22.6%
- ROA
- -6.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 111.0 m | 171.2 m | 151.8 m | esef· 29 Apr 2025verified |
| Operating income | -30.1 m | -23.2 m | -12.5 m | esef· 29 Apr 2025verified |
| Depreciation & amortisation | 9.1 m | 10.0 m | 9.0 m | esef· 29 Apr 2025verified |
| EBITDA | -21.0 m ≈ | -13.2 m ≈ | -3.5 m ≈ | esef· 29 Apr 2025derived |
| Pre-tax income | -32.2 m | -27.6 m | -10.8 m | esef· 29 Apr 2025verified |
| Income tax | 398.0 k | 411.0 k | 1.3 m | esef· 29 Apr 2025verified |
| Net income | -32.6 m | -28.0 m | -12.1 m | esef· 29 Apr 2025verified |
| Diluted EPS | -0.61 | 0.00 | 0.00 | esef· 29 Apr 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 31.0 m | 25.9 m | 5.4 m | esef· 29 Apr 2025verified |
| Inventories | 37.5 m | 44.5 m | 43.3 m | esef· 29 Apr 2025verified |
| Current assets | 97.0 m | 119.3 m | 87.3 m | esef· 29 Apr 2025verified |
| Goodwill | 1.5 m | 1.5 m | 1.5 m | esef· 29 Apr 2025verified |
| Intangibles (excl. goodwill) | 15.0 m | 23.0 m | 31.7 m | esef· 29 Apr 2025verified |
| Total assets | 146.5 m | 187.4 m | 169.4 m | esef· 29 Apr 2025verified |
| Current liabilities | 39.5 m | 52.1 m | 54.2 m | esef· 29 Apr 2025verified |
| Total liabilities | 106.9 m | 128.2 m | 121.8 m | esef· 29 Apr 2025verified |
| Equity | 39.7 m | 59.2 m | 47.6 m | esef· 29 Apr 2025verified |
| Shares outstanding at year end | 53.4 m | 65.0 m | 71.0 m | esef· 29 Apr 2025derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 10.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 8.9 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
10% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -8.0% | 26 (vs peers) | 60% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.6x | 67 (on a fixed band) | 40% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial67/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial26/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
FORSEE POWER SAS (ALFOR.PA). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 151.8 m EUR in 2024; YoY growth -11.4%; net margin -8.0%; ROE -22.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -8.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| BN.PADanone | 44.1 bn | 21.9 | 11.9% | 7.4% | −0.9% | −11% / +16% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for ALFOR.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
FORSEE POWER designs and manufactures battery systems for heavy and light electric vehicles and for stationary storage. The company ended 2024 with lower revenue while expanding in North America, which makes its progress relevant to the European electric mobility market. Consolidated revenue for 2024 was 151.766 million EUR 1.
SWOT
Strengths
- The company offers battery systems for several vehicle categories and a range of products and services for the full vehicle life 1.
- Orders booked for 2025 cover a meaningful share of 2024 revenue, giving partial visibility 1.
- The company has invested in product development and capitalised significant development costs, showing sustained technical effort 1.
Weaknesses
- Recurring operating result and net result remain negative, and the 2024 loss was large relative to equity 1.
- Reliance on a key historical customer in heavy vehicles meant a fall in orders strongly affected revenue 1.
- The business depends on volatile raw material and cell costs, and margins can suffer when these costs rise 1.
Opportunities
- New customers and new regions, such as the United States and Turkey, could support growth if the strategy is delivered 1.
- A recovery in light vehicles and two-wheelers could restore volumes if customer demand stabilises 1.
- Growing production in North America could reduce dependence on the European market if the site performs as planned 1.
Threats
- A dispute with a former scooter customer over alleged battery defects could create extra costs if courts rule against the company 1.
- Market conditions and regulations can change, which could alter demand and costs 1.
- Competitive pressure and the risk of losing major customers could affect volumes and pricing 1.
Risks
- Dispute with a former customerhigh
A scooter maker brought claims over defective batteries, with very large damages sought; the company considers the claims unfounded, but the outcome is uncertain 1.
- Dependence on large customershigh
Lower orders from a historical customer significantly affected 2024 revenue 1.
- Raw material costsmedium
The prices of lithium, nickel and cobalt are volatile, which could hurt margins if they cannot be passed on to customers 1.
- North American executionmedium
The start of production at the new site depends on delivering the industrial plan, and delays could postpone expected revenue 1.
- Financing and liquiditymedium
The company made greater use of factoring and borrowings, and the cost of debt rose; financing conditions could become more restrictive 1.
Investment thesis
What would need to be true (bull case)
- If heavy vehicle sales recover and the North American site starts production in 2025, revenue growth could be supported by new customers 1.
- Lower cell costs could improve margins if these market conditions persist 1.
- Orders booked for 2025 provide a revenue base, which could reduce short-term uncertainty 1.
What would break the thesis
- If the operating loss persists and large customers keep reducing orders, the company could need additional financing 1.
- An unfavourable outcome in the dispute with the former customer could add unforeseen costs 1.
- Pressure in the light vehicle and two-wheeler segment could continue if demand does not recover 1.
What to watch
- Trend in revenue and orders in the Heavy Vehicles segment2025
- Start of production at the North American site2025
- Status of the dispute with the former scooter customernext 10-K
- Recurring operating result and net loss compared with 20242025
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
FORSEE POWER SAS is a French maker of lithium-ion battery systems for electric mobility. According to its 2024 universal registration document, the business is organised in two segments: Heavy Vehicles, covering buses, utility vehicles, trams, trains, trucks, marine and stationary storage, and Light Vehicles and Industrial Tech, covering light electric mobility and other electric applications 1. Consolidated revenue was 151.766 million EUR in 2024, compared with 171.238 million EUR in 2023 1.
Geographically, Europe generated most of consolidated revenue in 2024, while Asia grew compared with the prior year 1. The company inaugurated a production site and headquarters in North America, and management indicated that production there should start in 2025 1.
Segments
Heavy Vehicles (HeV)
This is the largest segment, with 135.5 million EUR of revenue in 2024 and about 89% of consolidated revenue, down 7% from 2023 because of lower orders from a key historical customer 1.
Market context
The targeted market covers heavy and light electric vehicles and storage applications, where the company expects growth and market share gains, according to its forecast assumptions 1. In 2024, however, demand from heavy and light vehicles fell sharply, and the company attributed part of the decline to market conditions affecting cell prices 1.
The 2025 outlook assumes higher revenue and adjusted EBITDA, if heavy vehicle battery sales grow and if the company wins new customers in the United States and Turkey 1. The document notes, however, that these estimates may change because of economic, regulatory and competitive factors 1.
Trends
- Lower battery cell pricestailwind
The cost of components, especially cells, fell in 2024, which reduced consumed purchases and helped the result 1.
- Slowdown in light vehicles and two-wheelersheadwind
Customers in this sector reduced orders, which led to a sharp decline in the LeV & Ind Tech segment 1.
- Expansion in North Americatailwind
The new North American production site could open access to new customers if production starts as planned 1.
- Raw material volatilitymixed
The price and availability of lithium, nickel and cobalt fluctuate, which can affect battery costs and margins 1.
Competitive position
The 2024 registration document does not name competitors, but it describes competition as a factor that can influence forecasts and market position 1.
Competitive pressure is especially visible in the light vehicle and storage segments, where customers can switch suppliers or cut orders quickly 1.
- Unnamed electric vehicle battery makers
The registration document does not name competitors, so the list cannot be completed from the available source.
- Battery cell suppliers
Cell cost is a key factor, and these suppliers influence the company's margins 1.
- Scooter and light vehicle manufacturers
Customers in this segment cut orders in 2024, showing sensitivity to end-customer demand 1.
- Stationary storage system suppliers
Stationary storage is part of the Heavy Vehicles segment and competes with other suppliers 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202429 Apr 2025
- Annual report 202301 May 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / FORSEE POWER SAS · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.